QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

12 Months Ended

Dec. 31, 2015

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

NOTE N – QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The tables below present unaudited quarterly financial information for 2015 and 2014:

	2015
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
	(in thousands, except share and per share data)
Revenues	$	613,276	$	696,115	$	709,380	$	648,134
Operating expenses		611,996		662,649		675,942		640,822
Operating income		1,280		33,466		33,438		7,312
Other income (costs), net		(368)		(557)		(1,392)		(445)
Income tax provision		167		12,942		12,892		1,878
Net income	$	745	$	19,967	$	19,154	$	4,989
Earnings per common share(1)
Basic	$	0.03	$	0.76	$	0.73	$	0.19
Diluted	$	0.03	$	0.74	$	0.72	$	0.19
Average common shares outstanding
Basic		26,051,038		26,021,874		26,009,344		25,936,709
Diluted		26,588,518		26,593,451		26,508,482		26,415,839

	2014
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter
	(in thousands, except share and per share data)
Revenues	$	577,904	$	658,646	$	711,295	$	664,848
Operating expenses		586,606		631,694		678,354		646,799
Operating income (loss)		(8,702)		26,952		32,941		18,049
Other income (costs), net		(253)		419		(385)		1,591
Income tax provision (benefit)		(3,762)		10,163		12,938		5,097
Net income (loss)	$	(5,193)	$	17,208	$	19,618	$	14,543
Earnings (loss) per common share(1)
Basic	$	(0.20)	$	0.63	$	0.72	$	0.53
Diluted	$	(0.20)	$	0.63	$	0.72	$	0.53
Average common shares outstanding
Basic		25,876,928		26,005,105		26,054,678		26,073,256
Diluted		25,876,928		26,005,105		26,054,678		26,073,256

⁽¹⁾ The Company uses the two class method for calculating earnings per share. See Note L.